Sobrato Organization sold a 196,700-square-foot shopping center in Cupertino for $92.5 million.
The Mountain View-based real estate investment firm sold the Homestead Mall at 20572-20688 Homestead Road, San Francisco Business Times reports. The buyer is an affiliate of MetLife Investment Management, a division of MetLife New York.
The retail center at Homestead Road and North De Anza Boulevard transacted at $470 per square foot.
Sobrato purchased the 15-acre property in 2010 for an undisclosed sum. Its anchor tenant, the 38,000-square-foot Joey Franco’s PW Markets, just closed.
The developer then redeveloped the shopping center built in 1976 and completed the project in 2014.
The revamped retail center now comprises five buildings, including a Safeway supermarket. Tenants include Ross Dress for Less, Michael’s, Rite Aid, Ultra and a FedEx store.
The center is located across Highway 280 from Apple’s Infinite Loop campus, the computer maker’s former headquarters.
Earlier this year, MetLife Investment Management, the institutional asset management arm of the New York-based insurer, sold 22 California bank assets to JPMorgan for $138 million.
The Sobrato Organization is a major developer in the South Bay, having built nearly 24.5 million square feet of office, R&D and multifamily real estate. Its portfolio includes 7.5 million square feet of office and research and development space, as well as 30 apartment complexes in the Bay Area, According to its website.
Last month, its Sobrato Family Foundation paid $49.5 million for the 140-room Normandy Park Residences at 48 and 50 Washington Streets in Santa Clara.
In February, Sobrato prepared to buy Athleta’s 171,000-square-foot headquarters in San Francisco’s Embarcadero for $80 million.
— Dana Bartholomew
